10:03 AM EDT, 04/29/2024 (MT Newswires) -- West Red Lake Gold Mines ( WRLGF ) was at last look down more than 7% early Monday -- having gained 5.5% on Friday -- as it outlined its 2024 regional exploration strategy for Madsen And Rowan, after updating its mineral resource estimate for Rowan Mine Deposit in Ontario

Monday, WRLG announced its 2024 strategy for regional exploration activities across its 100% owned Madsen and Rowan Properties, both located in the Red Lake Gold District of Northwestern Ontario, Canada.

Among highlights, it flagged regional mapping and geochemical sampling at Madsen with a focus on the Confederation Assemblage of rocks, which has "seen very little exploration work since 2014. That is expected to commence in May 2024.

WRLG also highlighted up to 15,000m of surface drilling to be completed at the Rowan Mine deposit with focus on growth and expansion on the existing high-grade mineral resource -- as previously announced on April 26, 2024. It said this drill program is fully funded up to C$4.5 million and is expected to commence in early June.

It added regional mapping and geochemical sampling across the Rowan property will start generating new targets for potential future drill testing. Expected to commence in June 2024.

Over the weekend WRLG updated its mineral resource estimate as of March 1 on its Rowan mine deposit in the Red Lake Gold District of northwestern Ontario in Canada.

The 2024 mineral resource estimate has added a significant portion of higher confidence indicated ounces at grades 40% higher than the 2022 mineral resource estimate, the company said.

Price: 0.89, Change: -0.07, Percent Change: -7.29